| Schedule of Quarterly Financial Information |
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For the Fiscal 2015 Quarters Ended |
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March 31 |
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June 30 |
|
September 30 |
|
December 31 |
Revenue |
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
7,336,101 |
|
|
$ |
6,799,879 |
|
|
$ |
16,966,056 |
|
|
$ |
16,984,036 |
|
Sales revenue |
|
2,341,655 |
|
|
1,665,908 |
|
|
1,434,694 |
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|
1,717,787 |
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Financing revenue |
|
660,392 |
|
|
668,904 |
|
|
182,604 |
|
|
185,650 |
|
Transportation revenue |
|
3,649,735 |
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3,546,979 |
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|
3,557,096 |
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|
3,591,459 |
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Total Revenue |
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13,987,883 |
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12,681,670 |
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|
22,140,450 |
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22,478,932 |
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Expenses |
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Cost of sales (excluding depreciation expense) |
|
1,248,330 |
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|
569,958 |
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|
382,851 |
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|
618,073 |
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Depreciation, amortization and ARO accretion expense |
|
4,048,832 |
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3,495,986 |
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|
5,836,665 |
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|
5,385,068 |
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Provision for loan losses |
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— |
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— |
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7,951,137 |
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|
5,833,000 |
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Transportation, maintenance and general and administrative |
|
991,608 |
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|
1,076,352 |
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|
856,050 |
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|
935,775 |
|
Operating expenses |
|
206,360 |
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|
195,673 |
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|
264,812 |
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|
83,095 |
|
General and administrative |
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2,568,519 |
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1,905,329 |
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2,837,762 |
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|
2,434,094 |
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Total Expenses |
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9,063,649 |
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7,243,298 |
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18,129,277 |
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15,289,105 |
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Income (Loss) from Operations, before income taxes |
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$ |
4,924,234 |
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$ |
5,438,372 |
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$ |
4,011,173 |
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$ |
7,189,827 |
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Other Income (Expense) |
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Net distributions and dividend income |
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$ |
590,408 |
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$ |
193,410 |
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$ |
241,563 |
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$ |
245,374 |
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Net realized and unrealized gain (loss) on other equity securities |
|
449,798 |
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|
43,385 |
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(1,408,751 |
) |
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(148,045 |
) |
Interest expense |
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(1,147,272 |
) |
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(1,126,888 |
) |
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(3,854,913 |
) |
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(3,652,111 |
) |
Total Other Income (Expense) |
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(107,066 |
) |
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(890,093 |
) |
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(5,022,101 |
) |
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(3,554,782 |
) |
Income (Loss) before income taxes |
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4,817,168 |
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4,548,279 |
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(1,010,928 |
) |
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3,635,045 |
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Taxes |
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Current tax expense |
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435,756 |
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|
104,479 |
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|
105,020 |
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|
276,755 |
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Deferred tax expense (benefit) |
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(115,391 |
) |
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(153,342 |
) |
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(1,953,973 |
) |
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(646,857 |
) |
Income tax expense (benefit), net |
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320,365 |
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(48,863 |
) |
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(1,848,953 |
) |
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(370,102 |
) |
Net Income |
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4,496,803 |
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4,597,142 |
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|
838,025 |
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4,005,147 |
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Less: Net Income attributable to non-controlling interest |
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410,175 |
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412,004 |
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410,806 |
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|
384,221 |
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Net Income attributable to CorEnergy Stockholders |
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$ |
4,086,628 |
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$ |
4,185,138 |
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$ |
427,219 |
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$ |
3,620,926 |
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Preferred dividend requirements |
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737,500 |
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|
1,037,109 |
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1,037,109 |
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|
1,037,110 |
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Net Income (Loss) attributable to Common Stockholders |
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$ |
3,349,128 |
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$ |
3,148,029 |
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$ |
(609,890 |
) |
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$ |
2,583,816 |
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Net Income |
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$ |
4,496,803 |
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$ |
4,597,142 |
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$ |
838,025 |
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$ |
4,005,147 |
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Other comprehensive income (loss): |
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Changes in fair value of qualifying hedges attributable to CorEnergy stockholders |
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(276,107 |
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18,202 |
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(223,176 |
) |
|
218,576 |
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Changes in fair value of qualifying hedges attributable to non-controlling interest |
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(64,555 |
) |
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4,256 |
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(52,180 |
) |
|
51,104 |
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Net Change in Other Comprehensive Income (Loss) |
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$ |
(340,662 |
) |
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$ |
22,458 |
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$ |
(275,356 |
) |
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$ |
269,680 |
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Total Comprehensive Income |
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4,156,141 |
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4,619,600 |
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|
562,669 |
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4,274,827 |
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Less: Comprehensive income attributable to non-controlling interest |
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345,620 |
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|
416,260 |
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|
358,626 |
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|
435,325 |
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Comprehensive Income attributable to CorEnergy Stockholders |
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$ |
3,810,521 |
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$ |
4,203,340 |
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$ |
204,043 |
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$ |
3,839,502 |
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Earnings (Loss) Per Common Share: |
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Basic |
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$ |
0.36 |
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$ |
0.33 |
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$ |
(0.05 |
) |
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$ |
0.22 |
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Diluted |
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$ |
0.36 |
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$ |
0.33 |
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$ |
(0.05 |
) |
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$ |
0.22 |
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For the Fiscal 2014 Quarters Ended |
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|
March 31 |
|
June 30 |
|
September 30 |
|
December 31 |
Revenue |
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|
|
|
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|
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Lease revenue |
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$ |
6,762,408 |
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$ |
7,065,677 |
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$ |
7,191,187 |
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$ |
7,204,493 |
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Sales revenue |
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3,259,530 |
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|
1,813,607 |
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1,741,209 |
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|
2,894,556 |
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Financing revenue |
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25,619 |
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|
139,728 |
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|
413,482 |
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|
498,984 |
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Transportation revenue |
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— |
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— |
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|
— |
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|
1,298,093 |
|
Total Revenue |
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10,047,557 |
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|
9,019,012 |
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|
9,345,878 |
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|
11,896,126 |
|
Expenses |
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|
|
|
|
|
|
|
Cost of sales (excluding depreciation expense) |
|
2,707,358 |
|
|
1,384,998 |
|
|
1,284,711 |
|
|
1,914,901 |
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Depreciation, amortization and ARO accretion expense |
|
3,146,978 |
|
|
3,220,253 |
|
|
3,252,604 |
|
|
3,575,420 |
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Provision for loan losses |
|
— |
|
|
— |
|
|
— |
|
|
— |
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Transportation, maintenance and general and administrative |
|
— |
|
|
— |
|
|
— |
|
|
458,872 |
|
Operating expenses |
|
222,741 |
|
|
213,533 |
|
|
210,009 |
|
|
194,627 |
|
General and administrative |
|
1,432,955 |
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|
1,334,960 |
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1,841,493 |
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|
3,263,345 |
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Total Expenses |
|
7,510,032 |
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|
6,153,744 |
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|
6,588,817 |
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|
9,407,165 |
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Operating Income |
|
$ |
2,537,525 |
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$ |
2,865,268 |
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$ |
2,757,061 |
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$ |
2,488,961 |
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Other Income (Expense) |
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|
|
|
|
|
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Net distributions and dividend income |
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$ |
5,056 |
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|
$ |
5,988 |
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$ |
1,688,830 |
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$ |
136,909 |
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Net realized and unrealized gain (loss) on other equity securities |
|
1,294,182 |
|
|
2,084,026 |
|
|
(865,470 |
) |
|
(2,978,764 |
) |
Interest expense |
|
(826,976 |
) |
|
(819,360 |
) |
|
(977,635 |
) |
|
(1,051,151 |
) |
Total Other Income (Expense) |
|
472,262 |
|
|
1,270,654 |
|
|
(154,275 |
) |
|
(3,893,006 |
) |
Income (Loss) before income taxes |
|
3,009,787 |
|
|
4,135,922 |
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|
2,602,786 |
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(1,404,045 |
) |
Taxes |
|
|
|
|
|
|
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|
Current tax expense |
|
854,075 |
|
|
— |
|
|
486,054 |
|
|
2,503,808 |
|
Deferred tax expense (benefit) |
|
(340,562 |
) |
|
742,879 |
|
|
(161,171 |
) |
|
(4,310,646 |
) |
Income tax expense (benefit), net |
|
513,513 |
|
|
742,879 |
|
|
324,883 |
|
|
(1,806,838 |
) |
Net Income |
|
2,496,274 |
|
|
3,393,043 |
|
|
2,277,903 |
|
|
402,793 |
|
Less: Net Income attributable to non-controlling interest |
|
391,114 |
|
|
387,135 |
|
|
389,485 |
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|
388,423 |
|
Net Income attributable to CorEnergy Stockholders |
|
$ |
2,105,160 |
|
|
$ |
3,005,908 |
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|
$ |
1,888,418 |
|
|
$ |
14,370 |
|
Preferred dividend requirements |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net Income (Loss) attributable to Common Stockholders |
|
$ |
2,105,160 |
|
|
$ |
3,005,908 |
|
|
$ |
1,888,418 |
|
|
$ |
14,370 |
|
|
|
|
|
|
|
|
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|
Net Income |
|
$ |
2,496,274 |
|
|
$ |
3,393,043 |
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|
$ |
2,277,903 |
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|
$ |
402,793 |
|
Other comprehensive income (loss): |
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|
|
|
|
|
|
|
|
|
|
|
Changes in fair value of qualifying hedges attributable to CorEnergy stockholders |
|
(70,620 |
) |
|
(270,838 |
) |
|
214,602 |
|
|
(197,245 |
) |
Changes in fair value of qualifying hedges attributable to non-controlling interest |
|
(16,511 |
) |
|
(63,324 |
) |
|
50,175 |
|
|
(46,120 |
) |
Net Change in Other Comprehensive Income (Loss) |
|
$ |
(87,131 |
) |
|
$ |
(334,162 |
) |
|
$ |
264,777 |
|
|
$ |
(243,365 |
) |
Total Comprehensive Income |
|
2,409,143 |
|
|
3,058,881 |
|
|
2,542,680 |
|
|
159,428 |
|
Less: Comprehensive income attributable to non-controlling interest |
|
374,603 |
|
|
323,811 |
|
|
439,660 |
|
|
342,303 |
|
Comprehensive Income attributable to CorEnergy Stockholders |
|
$ |
2,034,540 |
|
|
$ |
2,735,070 |
|
|
$ |
2,103,020 |
|
|
$ |
(182,875 |
) |
Earnings (Loss) Per Common Share: |
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Basic |
|
$ |
0.35 |
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$ |
0.48 |
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$ |
0.30 |
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|
$ |
0.00 |
|
Diluted |
|
$ |
0.35 |
|
|
$ |
0.48 |
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|
$ |
0.30 |
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$ |
0.00 |
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|